Digital bank Revolut has received permission to provide crypto services throughout Europe. The authorization will allow the firm to offer crypto services to its 17 million customers in the European Economic Area.
European digital bank Revolut has received permission from the Cyprus Securities and Exchange Commission (CYSEC), allowing it to offer crypto services in the European Economic Area (EEA), according to Coindesk. The EEA includes 27 countries of the European Union, as well as Iceland, Liechtenstein, and Norway.
Revolut, which is valued at $33 billion, has become the first entity to receive approval from the Cypriot regulator as a crypto asset service provider. The authorization will allow Revolut to offer crypto services to its 17 million customers in the EEA from a new crypto asset center in Cyprus. Revolut said its choice was driven by the island nation's difficult regulatory regime. Cryptocurrency firms are trying to set up regulated entities across the EU to ensure they can offer services across the entire economic bloc, ahead of the EU's Markets in Crypto-Assets regulation, or MiCA.
With 17 million customers in the EEA, Revolut hopes to be able to offer crypto services to them once MiCA becomes law. Revolut has also confirmed that it will continue to serve UK customers from its UK division. Its application for registration with the UK Financial Conduct Authority (FCA) remains pending and the firm may offer crypto services there through the FCA's provisional registration regime.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.